The Deed of Termination of Trust is a crucial document used in Nigerian legal practice when parties wish to formally conclude a trust arrangement. It becomes necessary when the trust purpose has been fulfilled, all beneficiaries agree to termination, or when continuation of the trust is no longer practical or beneficial. The document must comply with Nigerian trust law, particularly the Trustee Act and Property and Conveyancing Law, and requires careful consideration of tax implications and asset transfer requirements. This deed serves multiple purposes: it formally terminates the trust, provides for asset distribution, releases trustees from their duties, and includes necessary indemnities and releases. It's particularly important in both private wealth management and corporate contexts, requiring thorough documentation of all trust assets and their final disposition.
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1. Parties: Identification of all parties including the Trustee(s), Settlor (if living), and Beneficiaries
2. Background: Recitals detailing the original trust creation, key amendments, and reasons for termination
3. Definitions: Definitions of key terms used throughout the deed
4. Trust Details: Reference to the original trust deed and any supplemental deeds
5. Confirmation of Termination: Clear statement terminating the trust and the effective date
6. Distribution of Assets: Details of how remaining trust assets will be distributed
7. Release and Discharge: Mutual release of trustees from their duties and beneficiaries confirming satisfaction
8. Governing Law: Confirmation that Nigerian law governs the termination
9. Execution: Formal execution block for all parties to sign, with attestation provisions
1. Tax Provisions: Include when there are specific tax implications or requirements for the termination
2. Property Transfer Provisions: Required when trust assets include real property requiring formal transfer
3. Surviving Obligations: Include when certain obligations or protections need to survive termination
4. Indemnification: Optional protection for trustees against future claims
5. Dispute Resolution: Include when parties want specific dispute resolution mechanisms post-termination
1. Schedule 1 - Trust Assets: Comprehensive list of all trust assets to be distributed
2. Schedule 2 - Distribution Plan: Detailed breakdown of how assets will be distributed to beneficiaries
3. Schedule 3 - Original Trust Deed: Copy or details of the original trust deed being terminated
4. Appendix A - Consent Forms: Signed consent forms from all beneficiaries agreeing to termination
5. Appendix B - Asset Valuations: Current valuations of trust assets where required
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